Turo CEO Andre Haddad discusses the company's recent partnership with Uber and how it is changing the way people get around town. Watch!

San Francisco

Turo and Uber have announced a partnership that integrates Turo's peer-to-peer car rental service into the Uber app via UberRent. This collaboration enables users to book Turo vehicles directly through Uber, offering a seamless experience for both short- and long-duration trips. Turo CEO Andre Haddad highlighted that the partnership is designed to make mobility more accessible and reduce the need for car ownership.

The integration benefits Turo hosts by increasing customer exposure without additional effort, while Uber users gain more rental options within a single platform. Turo has experienced significant growth in recent years and sees this partnership as a key part of its future strategy, including expanding its geographic footprint. Both companies believe the move will provide customers with greater choice and flexibility in transportation.

Turo Meets Uber: Inside the Deal That Could Redefine Ridesharing

Turo and Uber have partnered to make Turo vehicles now available through UberRent, allowing users to seamlessly book peer-to-peer car rentals directly within the Uber app. It is a huge development, to say the least, for the industry. It's a collaboration that marks a major shift in overall mobility services, and it offers riders more flexible, cost-effective alternatives to traditional car rental models. Here to tell us much more about the partnership and the state of play in the industry is Turo CEO Andrei Haddad. It is great to have you here, Andrei. Congratulations on the announcement. Let's start there. Why was this the intuitive next step, you think, both for the Uber side, but as well for you and your team at Turo? We're very excited about this partnership. Both companies believe that the future of mobility is one that's accessible and not necessarily cars that people have to own. As you know, Uber pioneered ride-sharing, Turo pioneered car-sharing, and the combination of the two services makes it easier for people to be able to live without a car. They can, of course, get a Turo for their long-duration trips and get an Uber for their short-duration trips. Walk us through what this will look like from the user experience. Let's say I've got familiarity with both apps separately, I've used both, but I log into Uber, what happens? You log into Uber, you click on rental cars, and you enter your address that you'd like to pick up the car at, whether it's your home, your office, an airport, a hotel, and then Uber will show you all the cars that's available, including Turo vehicles. Usually, our Turo vehicles will be located very close to you because we have a very comprehensive network of pick-up and drop-off locations. If you like the Turo offering, you can click on that offer and rent it directly on Uber, and then it will transfer you to the Turo app so you can then check in the day of your rental. Why do you see this working to the benefit of both platforms, and what does this mean more specifically from the Turo side of things? For us at Turo, it's a great opportunity to bring more customers to our offerings. Uber is an incredible starting point for mobility and for all kinds of local services, and the fact that we can be embedded in that app enables us the opportunity to touch many more customers. For Uber, I believe the big benefit for them is that it really reinforces their promise to be able to be the app for all mobility needs for their customers. How do you see this collaboration impacting the traditional car rental industry, which has obviously faced significant disruption within the last decade from both your companies already? Well, the traditional rental car industry is still doing well. It's growing. We have very different offerings. Turo tends to focus on an incredible selection of vehicles. We have 1,600 makes and models. Our network of pickup and drop-off locations includes airports, but it also includes all kinds of different options within the city. They are complementary offers, and I think customers win by having more choice. Talk to me about the benefits that you see for Turo hosts as well as Uber users as a result of this partnership, and how do you envision it going? This is fantastic for Turo hosts. They're going to get a lot more customers without actually having to do any extra work. It's a great opportunity for hosts. I'm a host, and I have been on the platform for the last 12 years. I'm excited to start seeing my first Uber guests coming in for the first time in the last few days, so very exciting for our hosts. Of course, for the Uber customers, it's a great way for them to leverage their Uber account to be able to rent cars with the convenience of their Uber account. How does this fit into Turo's long-term growth strategies? The business has been doing well over the last few years. Obviously, there's been ebbs and flows with the pandemic and the revenge travel phenomenon, and we've had quite a bit of disruption in this space for the last few years, as you can imagine. But overall, the company has done well. We started back in 2020 at around $150 million in revenue. Last year, we had $960 million in revenue, so grown quite a bit over the last five years. This year, we'll be crossing the billion-dollar threshold of revenue. Company is doing well. We've been profitable for the last three years with EBITDA positive over the last actually four years, I should say. This is a big part of our strategy for future growth. The embedding Turo within Uber, within Priceline, which is another partnership that we announced earlier this year, as well as other partnerships in the future, I believe is going to be a big part of our future profitable growth. Does this allow you to expand your footprint geographically at all? Are you able to now better serve areas that maybe you had wanted increased market share in, but for a variety of reasons, maybe had some headwinds trying to expand there? Absolutely. It brings demand from all over the country, all over the world, frankly. Uber, Priceline have customers coming in and using their services, not just from the US, but also travelers into the US. We're excited to tap into that opportunity. What are the top steps that you see being taken to try and make this as seamless a user experience as possible for, let's say, people who have been Uber users for quite some time here? You should check it out. It's actually incredibly seamless. As you use the Uber app, when you click on rental cars and you start seeing all the options that are available for you near you, whether it's at your hotel or your airport or wherever you are, you'll see that Turo listing show up. It might be an attractive listing, it might be a special car that you want to get for a special trip, or maybe a very convenient, cheap car that you want for an errand. Whatever it is, we've got a lot of different options that are available. When you see that car, you'll be able to actually book it directly and rent it directly on the Uber app. You don't have to create another account with Turo. You don't have to go to the Turo website to be able to complete the transaction. You can actually book it directly on the Uber app. The seamlessness actually has been amazing to see how we've integrated our technology platforms together. Andre, you mentioned the pandemic a few moments ago, and I'm reminded of the current macro-economic backdrop. We contend with this reality when we talk about the financial markets all the time, a potential deterioration either of labor market conditions, downward pressure on consumer confidence. We see the sentiment surveys. I wonder how you and the team at Turo are positioning yourselves, knowing that uncertainty is the word of the year in terms of maybe a company's ability to spend more or a consumer's ability to spend as much as they want. How do you prepare for that uncertainty, knowing that your consumers, your customers, may feel that squeeze in the pocketbook sooner rather than later? We are very concerned about this uncertainty. In these uncertain times, really the main thing that companies should focus on is controlling what they can control. The things that we control are the quality of the service that we offer. We're laser-focused on delivering the best quality service for our customers so that when they're in the purchase of a trip, they consider us instead of others. It's an opportunity to really focus on quality, and that's what we do all the time here at Turo, but particularly in these uncertain times, it's comforting to know that by focusing on quality, we can win over the long term. And then on the cost side, I think we've been quite conservative in our projections for this year. We're deploying our investments in a more cautious way. We're looking at early signs of demand for the summer. Summer is a big season for us, and we see a lot of people, of course, use the rental car industry in general, and Turo in particular, for their summer trips. So we're looking anxiously at the summer season and are adjusting our costs and our investments accordingly. I'm almost out of time, but I'm looking up at the big board here at the Stock Exchange. Brent crude is down below $64 a gallon. Does a falling of gas prices that we've seen, Andre, serve as a bit of a tailwind for you? It does, actually. When we see uncertain times, there's two tailwinds. The cost of gas comes down, and that helps people get into more cars and travel longer distances. The other thing that's helpful is when people are worried about their income, they discover Turo because it's a great opportunity for them to add some additional earnings to otherwise their jobs. Andre Haddad is the CEO of Turo. Congratulations on all of the success, and especially about this new announcement with Uber. Sounds very exciting and really grateful for you joining us today, Andre. Thanks for being here.

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